|
Once known to be a "category killer" in home goods, Bed Bath's
stock and fortunes have slumped after its move to sell more
store-branded products flopped and led to a reshuffle of its
management team earlier this year.
The big-box chain now aims to attract more consumers by selling
more national brands and dishing out coupons, but has a mountain
to climb, with people spending less on home goods and an interim
chief executive and finance chief in place.
Bed Bath said on Thursday its current liquidity is $850 million,
following agreements for more than $500 million in new financing
to buy more time to steady the ship. The company burned through
$325 million in the reported quarter.
Analysts at UBS have estimated Bed Bath will burn through $1.5
billion in cash over the next eight quarters.
The company's net loss was $366.2 million, or $4.59 per share,
for the second quarter, compared with a loss of $73.2 million,
or 72 cents per share, a year earlier.
Bed Bath's shares fell 1.4% to $6.37 in premarket trading.
(Reporting by Praveen Paramasivam in Bengaluru; Editing by
Shounak Dasgupta)
[© 2022 Thomson Reuters. All rights
reserved.]
This material may not be published,
broadcast, rewritten or redistributed.
Thompson Reuters is solely responsible for this content.
|
|
